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The digital currency has the potential to alter how society views money fundamentally. Any currency that is only offered in electronic form is considered digital currency. The Reserve Bank of India’s official form of money is the Central Bank Digital Currency (CBDC). According to the regulator, the CBDC, also known as the Digital Rupee or e-Rupee, issued by the RBI, is interchangeable 1:1 with fiat money and functions similarly to a sovereign currency.

You can quickly convert the digital record of your currency holdings into actual money by going to an ATM. However, digital currency is only ever exchanged digitally and never leaves a computer network. The three main types of digital currency are bitcoin, stablecoins, and CBDCs (central bank digital currencies). Blockchain technology is the most popular distributed ledger for digital currency, which serves as its foundation.

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